About the Index
(1) Taxable Bond Funds groupings according to CEFdata.com. (2) Removing funds with US / Non US Equity over 5% each. (3) Removing funds with non investment grade bond exposure over 35%. (4) 90-day average trade dollar $ liquidity over $200K. (5) Adding funds classified as Taxable Municipal Bond Funds on CEFdata.com. Equal weight each fund for the index. The index constituents will be rebalanced each quarter.
Index Performance
Current($) | Previous Day(%) | 1 Week(%) | 1 Month(%) | 3 Month(%) | 6 Month(%) | 1 Year(%) | 3 Year(%) | 5 Year(%) | MTD(%) | QTD(%) | YTD(%) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Price | 1,382.13 | 0.01 | 0.76 | 1.42 | 8.70 | 9.07 | 3.53 | 7.25 | 9.71 | -0.21 | -0.21 | -0.21 | |||||||
NAV | 1,328.88 | -0.05 | 0.16 | 1.11 | 6.69 | 7.91 | 6.09 | 6.13 | 7.87 | 0.07 | 0.07 | 0.07 | |||||||
Difference | -0.06 | -0.60 | -0.31 | -2.01 | -1.16 | 2.57 | -1.13 | -1.85 | 0.28 | 0.28 | 0.28 | ||||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00 |
2020 - Monthly Performance (%) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2020 | |
Price | 2.13 | -5.14 | -13.53 | -16.23 | 5.87 | 4.66 | 1.45 | 12.41 | -5.84 | 4.59 | -0.28 | -1.69 | 2.53 | -0.71 | 7.12 | 2.77 | 9.30 | 9.30 | 5.53 |
NAV | 1.78 | -0.01 | -13.10 | -11.57 | 4.38 | 2.93 | 2.25 | 9.86 | -2.85 | 3.31 | 0.50 | -0.69 | 3.11 | 0.26 | 4.60 | 2.17 | 7.15 | 7.15 | 7.33 |
Difference | -0.35 | 5.13 | 0.43 | 4.67 | -1.49 | -1.73 | 0.80 | -2.56 | 2.99 | -1.28 | 0.79 | 1.00 | 0.58 | 0.98 | -2.52 | -0.60 | -2.15 | -2.15 | 1.80 |
2019 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2019 | |
Price | 6.42 | 1.60 | 1.77 | 10.04 | 0.35 | 0.56 | 3.09 | 4.04 | 14.48 | 1.99 | -0.17 | 0.87 | 2.69 | 1.32 | 0.42 | 2.10 | 3.88 | 6.67 | 22.13 |
NAV | 3.60 | 0.75 | 1.38 | 5.82 | 0.85 | 0.91 | 2.56 | 4.38 | 10.45 | 0.88 | 0.64 | -0.15 | 1.38 | 0.79 | 0.06 | 1.46 | 2.31 | 3.73 | 14.57 |
Difference | -2.82 | -0.86 | -0.39 | -4.23 | 0.50 | 0.35 | -0.53 | 0.35 | -4.03 | -1.10 | 0.82 | -1.01 | -1.31 | -0.53 | -0.36 | -0.64 | -1.56 | -2.95 | -7.55 |
2018 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2018 | |
Price | -0.07 | -1.09 | 0.44 | -0.73 | -0.06 | -0.20 | 0.01 | -0.25 | -0.97 | 1.74 | 0.44 | -0.75 | 1.42 | -4.22 | 0.47 | -0.17 | -3.93 | -2.57 | -3.51 |
NAV | 0.67 | -1.06 | 0.18 | -0.21 | -0.54 | -0.33 | -0.76 | -1.62 | -1.83 | 1.30 | -0.59 | 0.36 | 1.06 | -1.59 | -0.22 | 0.08 | -1.73 | -0.69 | -2.51 |
Difference | 0.74 | 0.03 | -0.26 | 0.51 | -0.48 | -0.13 | -0.76 | -1.38 | -0.86 | -0.44 | -1.03 | 1.11 | -0.36 | 2.63 | -0.69 | 0.25 | 2.20 | 1.87 | 1.00 |
2017 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2017 | |
Price | 2.63 | 1.79 | -0.30 | 4.16 | 1.99 | 1.51 | 0.93 | 4.49 | 8.83 | 2.12 | 0.27 | 0.26 | 2.66 | -0.10 | -1.61 | 1.42 | -0.32 | 2.34 | 11.37 |
NAV | 1.68 | 1.56 | 0.15 | 3.42 | 1.37 | 1.31 | 0.53 | 3.24 | 6.78 | 1.33 | 1.06 | -0.04 | 2.36 | 0.45 | 0.23 | 0.66 | 1.34 | 3.74 | 10.77 |
Difference | -0.95 | -0.23 | 0.44 | -0.74 | -0.62 | -0.19 | -0.41 | -1.24 | -2.06 | -0.79 | 0.79 | -0.30 | -0.30 | 0.55 | 1.84 | -0.76 | 1.66 | 1.40 | -0.61 |
2016 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2016 | |
Price | 0.37 | 0.70 | 6.06 | 7.20 | 2.29 | 0.28 | 3.02 | 5.68 | 13.29 | 3.06 | 1.48 | -0.65 | 3.90 | -2.72 | -3.16 | 1.98 | -3.93 | -0.18 | 13.09 |
NAV | -0.06 | -0.03 | 3.16 | 3.08 | 2.17 | -0.06 | 2.21 | 4.36 | 7.57 | 2.26 | 0.70 | 0.45 | 3.43 | -0.30 | -2.90 | 0.95 | -2.27 | 1.09 | 8.74 |
Difference | -0.43 | -0.73 | -2.90 | -4.13 | -0.12 | -0.35 | -0.81 | -1.32 | -5.72 | -0.80 | -0.78 | 1.10 | -0.47 | 2.42 | 0.26 | -1.03 | 1.66 | 1.27 | -4.35 |
2015 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2015 | |
Price | 2.92 | -0.19 | -1.07 | 1.63 | 1.35 | -1.61 | -3.87 | -4.14 | -2.57 | -1.08 | -1.83 | -0.61 | -3.48 | 5.21 | -0.80 | -1.16 | 3.16 | -0.43 | -2.99 |
NAV | 1.38 | 0.10 | -0.20 | 1.28 | 0.74 | -0.58 | -1.41 | -1.25 | 0.01 | -0.27 | -1.31 | -0.95 | -2.51 | 1.80 | -0.09 | -1.56 | 0.13 | -2.39 | -2.38 |
Difference | -1.54 | 0.29 | 0.87 | -0.35 | -0.61 | 1.02 | 2.46 | 2.88 | 2.59 | 0.81 | 0.51 | -0.34 | 0.97 | -3.40 | 0.71 | -0.40 | -3.03 | -1.95 | 0.62 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount -0.25% |
1Yr Disc -1.03% |
3Yr Disc -0.83% |
5Yr Disc -1.57% |
Rel Disc Range (3yr) 71.50% |
Mkt Yield 6.79% |
Lev Adj NAV Yield 5.52% |
After Tax Yield* 5.37% |
Est Tax Friction* 1.42% |
3Yr NAV Volatiliy 7.66 |
1 Yr RoC 21.90% |
3 Yr Dest RoC 10.48% |
Leverage 22.99% |
Non Lev Exp Ratio 1.11% |
Beta (2yr) 0.36 |
Equity Exposure 1.19% |
Bond Exposure 96.26% |
# Holdings 38 |
Cash Weighted Duration 6.42 |
|
Comp NAV TR 0.32% |
Comp Discount 1.03% |
Net Assets (M) 566 |
Liquidity - 90d (K) 1,892 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
38 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
BHK | BR Core Bnd Tr | BlackRock | 2.64 | -0.61 | 5.52 | 5.11 | 25.08 | 880 | 2,145 |
BKT | BR Incm Tr | BlackRock | 2.67 | -1.61 | 6.77 | 15.50 | 28.52 | 396 | 1,710 |
BTZ | BR Cr Alloc Incm Tr | BlackRock | 2.69 | -4.60 | 6.74 | 16.34 | 29.46 | 1,463 | 3,404 |
DUC | D&P Util & Corp Bnd Tr | Duff & Phelps | 2.59 | 3.58 | 6.09 | 52.42 | 28.00 | 261 | 416 |
EDD | MS Emrg Mkt Dom Dbt | Morgan Stanley | 2.63 | -14.19 | 6.81 | 0.00 | 21.32 | 475 | 1,515 |
EMD | WA Emrg Mkt Dbt Fd | Legg Mason | 2.60 | -9.15 | 7.88 | 23.72 | 29.30 | 917 | 2,586 |
FAM | FT/Abd Glbl Opp Incm Fd | First Trust | 2.67 | -4.25 | 9.07 | 48.80 | 27.56 | 140 | 470 |
FINS | Angel Oak Fin Stgs Incm Trm Tr | Angel Oak | 2.70 | -7.15 | 7.54 | 34.43 | 29.22 | 283 | 1,152 |
GDO | WA Glbl Corp Dfin Opp Fd | Legg Mason | 2.61 | -4.99 | 6.77 | 13.06 | 28.54 | 281 | 501 |
IGI | WA Inv Grd Dfin Opp Tr | Legg Mason | 2.57 | -0.77 | 3.66 | 0.86 | 0.00 | 238 | 508 |
IHIT | Invsc Hi Incm 2023 Tgt Trm Fd | Invesco | 2.79 | -0.78 | 6.73 | 0.00 | 29.00 | 216 | 893 |
INSI | Insight Sel Incm Fd | Cutwater | 2.68 | -0.32 | 3.69 | 0.00 | 0.00 | 233 | 342 |
JHS | JH Incm Sec Tr | John Hancock | 2.57 | -6.12 | 6.89 | 0.00 | 32.26 | 190 | 236 |
MGF | MFS Govt Mkt Incm Tr | MFS | 2.60 | -3.21 | 7.58 | 70.25 | 0.00 | 152 | 577 |
MIN | MFS Imd Incm Tr | MFS | 2.60 | -3.84 | 8.92 | 57.38 | 0.00 | 453 | 1,290 |
MSD | MS Emrg Mkt Dbt Fd | Morgan Stanley | 2.66 | -11.60 | 4.56 | 0.00 | 1.24 | 213 | 506 |
PAI | WA Inv Grd Incm Fd | Legg Mason | 2.60 | -2.43 | 3.56 | 1.72 | 0.00 | 153 | 194 |
PCI | PIMCO Dyn Cr & Mortg Incm | PIMCO | 2.66 | 4.79 | 9.84 | 1.38 | 42.61 | 3,000 | 11,992 |
PCM | PCM Fund | PIMCO | 2.76 | 16.63 | 8.61 | 0.35 | 38.28 | 111 | 302 |
PCN | PIMCO Corp & Incm Stgy Fd | PIMCO | 2.63 | 18.89 | 7.91 | 0.41 | 30.45 | 577 | 1,315 |
PDI | PIMCO Dyn Incm Fd | PIMCO | 2.64 | 5.56 | 10.09 | 0.00 | 38.67 | 1,677 | 9,090 |
PFL | PIMCO Incm Stgy Fd | PIMCO | 2.65 | 7.24 | 9.47 | 2.62 | 32.77 | 349 | 1,305 |
PFN | PIMCO Incm Stgy Fd II | PIMCO | 2.66 | 5.40 | 9.65 | 2.02 | 32.57 | 696 | 2,562 |
PHK | PIMCO Hi Incm Fd | PIMCO | 2.68 | 4.44 | 9.43 | 0.00 | 29.08 | 779 | 3,304 |
PIM | Putnam Mstr Imd Incm Tr | Putnam | 2.64 | -6.44 | 6.27 | 48.34 | 0.00 | 231 | 579 |
PKO | PIMCO Incm Opp Fd | PIMCO | 2.61 | 5.04 | 9.19 | 0.00 | 40.36 | 480 | 1,857 |
PPT | Putnam Prmr Incm Tr | Putnam | 2.68 | -5.62 | 6.64 | 38.56 | 0.00 | 515 | 1,606 |
PTY | PIMCO Corp & Incm Opp Fd | PIMCO | 2.67 | 26.52 | 8.70 | 3.35 | 42.79 | 1,249 | 6,481 |
RCS | PIMCO Stgc Incm Fd | PIMCO | 2.65 | 3.90 | 8.84 | 0.00 | 23.70 | 294 | 1,109 |
TSI | TCW Stgc Incm Fd | TCW | 2.59 | -5.44 | 2.75 | 0.00 | 0.00 | 281 | 595 |
VBF | Invsc Bnd Fd | Invesco | 2.44 | -4.27 | 3.36 | 0.93 | 0.00 | 240 | 542 |
VGI | Virtus Glbl Mlt-Sctr Incm Fd | Virtus | 2.59 | -6.12 | 10.16 | 58.21 | 27.63 | 142 | 567 |
WEA | WA Prmr Bnd Fd | Legg Mason | 2.63 | -4.40 | 5.61 | 0.00 | 28.50 | 175 | 336 |
WIA | WA Inf-Lnk Incm Fd | Legg Mason | 2.50 | -9.02 | 2.74 | 2.00 | 32.60 | 331 | 831 |
WIW | WA Inf-Lnk Opp & Incm Fd | Legg Mason | 2.66 | -10.70 | 2.97 | 43.81 | 32.60 | 858 | 1,654 |
BBN | BR Taxable Muni BndTr | BlackRock | 2.58 | 3.27 | 5.35 | 0.00 | 31.07 | 1,453 | 4,169 |
GBAB | Gghm Taxable Muni Bnd & Inv Grd Dbt | Guggenheim Funds | 2.58 | 7.04 | 6.05 | 5.21 | 20.71 | 464 | 1,480 |
NBB | Nuv Taxable Muni Incm Fd | Nuveen | 2.65 | 4.06 | 5.01 | 0.00 | 36.20 | 627 | 1,483 |